August 14, 2020 Headlines

US Treasury prices recovered overnight following yesterday’s sell-off due to the weak 30-year auction. The market struggled to absorb $26 billion in issuance and set a record, eclipsing the previous high-water mark set in May by $4 billion. Soft economic data out of China and new UK quarantine rules initially sparked the risk-off sentiment while disappointing US retail sales compounded the concerns. The headline estimate showed July retail sales slowed to 1.2% MoM compared to expectations of 2.1%. With today’s reading, the total value of retail sales has now exceeded pre-pandemic levels. At the open, the 10-year yield has decreased to .70% and S&P 500 futures are down 3.75 points (-.11%).

Chris Eckhoff
Associate, Investment Management Group

8/14/20Retail Sales Advance MoM2.10%1.20%7.50%8.40%
8/14/20Retail Sales Ex Auto MoM1.30%1.90%7.30%8.30%
8/14/20Retail Sales Ex Auto and Gas1.00%1.50%6.70%7.70%
8/14/20Retail Sales Control Group0.80%1.40%5.60%6.00%
8/14/20Nonfarm Productivity1.50%7.30%-0.90%-0.30%
8/14/20Unit Labor Costs6.90%12.20%5.10%9.80%
8/14/20Industrial Production MoM3.00%3.00%5.40%5.70%
8/14/20Capacity Utilization70.30%70.60%68.60%68.50%
8/14/20Manufacturing (SIC) Production3.00%3.40%7.20%7.40%
8/14/20Bloomberg Aug. United States Economic Survey
8/14/20Business Inventories-1.10%-2.30%
8/14/20U. of Mich. Sentiment7272.5
8/14/20U. of Mich. Current Conditions82.382.8
8/14/20U. of Mich. Expectations65.565.9
8/14/20U. of Mich. 1 Yr Inflation2.90%3.00%
8/14/20U. of Mich. 5-10 Yr Inflation2.60%


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